PanPay is turning to iDenfy to make it easier for its English-speaking customers to do business with China-based entities. To that end, PanPay will replace its own identity verification solution with iDenfy’s offering for Europeans using the service to initiate financial transactions between China and the European Union.
The problem, according to PanPay, is that its current solution creates too much friction for anyone who is not fluent in Chinese. Customers are asked to say a random number in Chinese during the identity verification process, which can prove to be prohibitively difficult for non-native speakers.
iDenfy’s solution, on the other hand, does not have any language requirement. The selfie-based solution uses face and document recognition to match a photo of the user to the image on a photo ID, with liveness detection to make sure that the person going through the onboarding process is indeed the rightful holder of the document. The solution is compatible with more than 1,300 documents from 200 different countries.
PanPay itself is an international financial technology firm that specializes in cross-border services like currency exchanges, multi-currency accounts, and global payments, all of which are popular with organizations that do a lot of business with China. The company serves both corporations and individual civilians, enabling transactions in both local and foreign currencies.
“We firmly believe that our advanced identity verification solutions will help PanPay provide their customers with a great experience when onboarding,” said iDenfy CEO Domantas Ciulde. “We will offer all the available identity verification solutions so that they can win the trust of more European e-commerce sellers and traders.”
PanPay is the third company to partner with iDenfy in the past few months. In August, iDenfy provided identity verification services for TalentClouds’ workforce management platform, and then agreed to do the same for the DSBC Financial Group at the tail end of October.